India’s cryptocurrency landscape has been in turmoil for a long time now. After several rounds of fears and hopes, Indian crypto investors now stand in front of a new danger. The Reserve Bank of India, the country’s official reserve bank, has spoken in favor of a complete ban on crypto. All past speculations revolved around a partial ban on cryptocurrencies. Some reports have also ruled out the possibility of a ban altogether. The Reserve Bank’s comments are bound to cause tensions in the Indian crypto community, and it is a cause the primary cause of concern now.
Over the past few months, there have been several rounds of debates and discussions about cryptocurrencies in the country. The Prime Minister of India held important meetings with top crypto entrepreneurs of the country. He also issued a warning to crypto exchanges in the country against aggressive marketing strategies.
In the past, several top entrepreneurs and government executives had ruled out all chances of a possible ban on cryptocurrencies in the country. Many felt that only anonymity-focused tokens like Monero and ZCash would be banned. The Indian government is also considering a CBDC in partnership with Peru and Singapore. The overall landscape of the country does not suggest a complete or even partial ban on crypto.
Reserve Bank of India’s governor Shaktikanta Das has historically been against cryptocurrencies. It is now a matter of time to see whether his comments have any effect on the upcoming Cryptocurrency Bill in the country.